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Bitcoin continues to fluctuate within the range of $114,000 to $117,000, raising doubts about its short-term bullish momentum.
Meanwhile, stablecoin market leader Tether has hired a former head of the White House Crypto Council as it prepares to re-enter the US market under President Donald Trump's pro-crypto administration.
The company has appointed Bo Hines, former Executive Director of the White House Digital Assets Council, as Strategic Advisor for US Digital Assets and Strategy, a move signaling a renewed push into US policy circles.
As head of the Digital Assets Council, Hines played a key role in advancing the GENIUS Act, which established a federal legal framework for stablecoins, and organized a summit where top industry leaders met with government officials. According to reports, Hines stepped down from his White House role in early August after seven months of service, returning to the private sector.
The appointment underscores Tether's ambition to take a more active role in shaping the US regulatory landscape for digital assets. With his deep knowledge of political processes and regulatory frameworks, Hines brings valuable expertise to the company. His role will involve building relationships with policymakers, experts, and regulators, as well as developing strategies to promote innovation and responsible growth in the digital asset industry.
Hines's arrival also highlights the growing recognition of cryptocurrencies as an integral part of the financial system. As the world's largest stablecoin issuer, Tether seeks to play a leading role in ensuring market stability and transparency. Hiring a former White House official reflects the company's strong commitment to regulatory compliance and collaboration with government authorities.
Tether CEO Paolo Ardoino said the company's US comeback plans are well underway and that Hines's experience will be instrumental in making them a reality. "His deep understanding of the legislative process, combined with his passion for blockchain adoption, makes him an invaluable asset as Tether prepares to enter the world's largest market," Ardoino said in a Tuesday statement.
Currently, Tether issues a stablecoin with a circulation exceeding $166 billion.
Trading recommendations
Bitcoin
Buyers are targeting a return to $116,000, which would pave the way to $117,500 and potentially $119,300. The ultimate bullish target stands near $120,900, a breakout above which would reinforce the bullish market trend. On the downside, support lies at $114,100. A move below this level could push BTC toward $112,300, with the next support at $110,600.
Ethereum
A firm consolidation above $4,376 opens the way to $4,545, with a long-term bullish target at $4,710. Breaking this level would signal stronger buyer interest and a continuation of the bullish market. On the downside, support is seen at $4,189. A decline below this area could quickly send ETH down to $4,077, with $3,941 as the next key support.
What's on the chart
Price testing or crossing any of these moving averages often either halts movement or injects fresh momentum into the market.
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